Equus Condemns Desperate Attempts by
“Committee to Enhance Equus”/(Douglass
Committee) to Block Change and Regain Control
of the Fund
Urges Shareholders to Vote the WHITE PROXY CARD For Change and Improved Shareholder Value
May 03, 2010 04:23 PM Eastern Daylight Time
HOUSTON--(EON: Enhanced Online News)--Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”)
today condemned the “Committee to Enhance Equus”/(Douglass Committee) for releasing information about Equus
that is the subject of a confidential inquiry by the SEC. On April 26, 2010, the Fund received a subpoena for
information, wherein the SEC stipulated that “[t]his investigation is a non-public fact-finding inquiry” and that “the
investigation does not mean that we have a negative opinion of any person, entity, or security.” Accordingly, pursuant
to the SEC’s stipulation, the Fund could not publicly release this information, but in view of the this confidentiality
breach and the misrepresentations contained in the Douglass Committtee’s release of May 3, 2010, the Fund is now
responding.
The Douglass Committee is running a costly proxy contest to regain control of the Fund so that Sam and Paula
Douglass (who helped oversee the Fund’s decline over the past two decades), in the Fund’s opinion, can maintain
the status quo and continue to benefit themselves personally at the expense of Equus’ shareholders.
Richard Bergner, Chairman of the Fund, commented:
“In its latest press release and letter to shareholders, the Douglass Committee has made public information about
Equus that should have remained confidential in an effort to boost their flagging efforts to regain control of the Fund.
Despite being provided a copy of the subpoena and being informed that the SEC inquiry was non-public, the
Douglass Committee has, contrary to the provisions of the subpoena, chosen to issue this information publicly in a
press release. Moreover, the subject of the subpoena has been investigated by the Fund and its counsel and
determined to